INTRODUCTION TO THE COURSE
Why do so many projects executed by both private and public sector organizations fail to realize their expected outcomes. In the modern volatile business environment project planning and control need to be much more flexible and embrace change as being the norm rather than the exception.
The decision whether or not to invest in new capital projects, starts with critical decisions during the exploration phase of a new development, or the expansion of an existing field. The decision-making tools used to analyze project risk under conditions of uncertainty will help companies to determine the probability of success or loss, and will drive the decision to develop or abandon the well.
This training course will highlight:
- The adaptive life cycle from start to finish,
- The values and principles that drive many of the adaptive practices,
- How the characteristics of effective teams will influence effective adaptive project management
- The adaptive project management techniques
- Understanding the decision-making process
- The power of the business case
- Financial decision-making tools
- The importance of project risk management
- How to identify risks during development and respond appropriately
This training course is split into two modules:
- Module I - Adaptive (Agile) Project Management
- Module II - Project Analysis: Tools & Techniques for Managing Risk & Uncertainty
Each module is structured and can be taken as a stand-alone training course; however, delegates will maximise their benefits by taking Modules I, and II back-to-back as a 2-week training course.
COURSE DETAILS
Objectives
At the end of this training course, you will learn to:
- Appreciate how characteristics of effective teams influence effective adaptive project management
- Apply predictive project management techniques to integrate scope, time, resources and cost management into a dynamic, manageable plan
- Learn the rules and approaches to the implementation of the most widely applied adaptive project management framework - SCRUM
- Apply the core practices performed in the execution of a Scrum sprint
- Evaluate core post-Sprint practices used for review and improvement purposes
- Understand how to manage organization's investments in large capital-intensive projects
- Identify how to make and understand financial decisions and be able to present these back to the stakeholder community
- Identify how to manage the cash flow of projects and manage and appraise the financial risk mitigation strategies
- Understand proper cash-flow and sensitivity analyses to forecast and control potential future conditions
Training Methodology
The training course commences with an overview of the nature of projects and the fundamentals of project management. This enables delegates to reflect on how a project management framework supports effective control processes. Delegates apply techniques to control both planning and execution of scope, schedule, cost and risk.
Additionally, this training course does not assume prior knowledge of the topics covered in the course. New concepts and tools are introduced gradually to enable delegates to progress from the fundamental to the advanced concepts of asset-based financial engineering.
Organisational Impact
- Integrate client feedback continually throughout your process
- Deliver the most valuable product, regardless of prior expectations
- Forecast and control potential future conditions that might jeopardise the chances of project success
- Maximizing the organisation's return on capital invested in projects
- Understand how to forecast the future based on existing information
Personal Impact
- To define what is needed to meet the goals of the organization
- How to make a realistic business case of a change
- To identify the impact of a change on the scope, time and budget
- Enhance their understanding of the time value of money, as well as learn how to use the basic tools of financial engineering such as Net Present Value (NPV), Internal Rate of Return (IRR), and annual worth calculations
- Learn how to evaluate and compare various alternative solutions over differing time horizons
Who should Attend?
This training course is suitable to a wide range of professionals but will greatly benefit:
- Associate Project Managers
- Project Managers
- IT Project Managers
- Project Coordinators
- Project Analysts
- Project Leaders
- Senior Project Managers
- Team Leaders
- Product Managers
- Program Managers
- Project Sponsors
- Project Team Members
- Project Management Professionals
- Customers who will engage with project teams that apply the agile approach
DAILY AGENDA
Module I: Adaptive (Agile) Project Management
Day 1: Understanding Projects and Project Management
- Characteristics of Projects
- Fundamental Concepts of Project Management
- Setting-up for Success - The Charter
- Setting-up for Success - The Project Team
- Setting up for Success – Needs analysis & Solution Vision
- Understanding Stakeholders
Day 2: Predictive Project Management - Planning
- Product Scope Planning - requirements collection
- Project Scope Planning - establish work breakdown structure
- Schedule Planning - constructing the project timeline
- Schedule Planning - optimizing the project timeline
- Cost Planning - cost planning and estimation
- Cost Planning - establishing the project budget
Day 3: Predictive Project Management - Control
- Risk Management - Risk Identification and Analysis
- Risk Management - Establishing Risk Response Approaches
- Managing Project Change
- Controlling Adversity through Effective Contingency Planning
- Controlling Progress through Earned Value Management
Day 4: Adaptive Project Management
- SCRUM Foundations - Characteristic of Highly Effective Teams
- The SCRUM Framework
- Key Roles of Scrum - The Product Owner
- Key Roles of Scrum - The Scrum-master
- Key Roles of Scrum - The Self-organized Team
- Key Artifacts of Scrum
Day 5: Practical Considerations in the Application of SCRUM
- Sprint Planning Techniques
- Executing Iterations - The Scrum Sprint
- Continuous Learning Techniques through Project Retrospective
- Course and Techniques Review
- Contrasting Control Mechanisms of these Different Approaches
Module II: Project Analysis: Tools & Techniques for Managing Risk & Uncertainty
Day 6: Fundamentals of Decision Analysis
- What is project management decision analysis?
- The purpose of the project business case
- The need for systematic risk management for decision-making
- Risk and uncertainty on projects
- Option analysis
- Identifying key decision-making factors
Measures of Project Profitability
- Fundamental tools of engineering economics
- Time value of money
- Appraisal methods - Discounted Cash Flow Projections
- Time equivalence
Day 7: Cash-Flow Modelling and Project Decision Analysis
- Financial Modelling and Project Evaluation
- Internal Rate of Return computations (IRR)
- Determining the Internal Rate of Return (IRR)
- The risk of not understanding IRR
Analysing Project Specifics
- Understanding the project context to assist in decision-making
- Determine stakeholders and their level of influence
- Capture requirements
- Determine scope of work
Day 8: The Cost of Capital
- Capital & Operating Expenditures (CAPEX / OPEX)
- Estimating the cost of capital for a project
- Benefit-Cost Ratio (BCR)
- Dis-benefits
Risk Modelling in Practice
- Identify Risks
- Forecasting risk impacts & probabilities
- Opportunity costs, sunk costs & salvage value of a project
- Determining the Risk Priorities
- The need for company cash flow
Day 9: Decision Analysis: Expected Value Concept
- Basic Probability Concepts
- Fundamental probability concepts
- Mutually & non-mutually exclusive, independent events
- Quantitative Project Risk Analysis
- Semi-quantitative bow-tie process
- Detailed risk quantification and prioritisation
- Expected monetary value
- Scenario planning
- Sensitivity Analysis Tools
- Simulation process
- Tornado diagram
- Defining the variables - PERT
Day 10: Decision Trees, EMV, Risk Responses and ROI
- Decision Tree Analysis
- Developing decision trees
- Solving decision trees
- Risk Responses
- Developing risk responses
- Evaluating response relevance
- ROI Analysis
- Understanding ROI
- Identifying ROI
- Evaluating and presenting your project options
Certificate
- On successful completion of this training course, KC Academy Certificate will be awarded to the delegates.